Covestor Ltd Trims Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Covestor Ltd reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,926 shares of the software maker’s stock after selling 293 shares during the quarter. Covestor Ltd’s holdings in Fortinet were worth $149,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Eagle Capital Management LLC raised its position in Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after purchasing an additional 141 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after buying an additional 148 shares during the period. Private Wealth Management Group LLC raised its holdings in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. Simplicity Wealth LLC boosted its holdings in Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after acquiring an additional 174 shares in the last quarter. Finally, Werlinich Asset Management LLC increased its position in Fortinet by 1.7% during the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after purchasing an additional 180 shares during the period. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $97.18 on Tuesday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm has a market cap of $74.33 billion, a price-to-earnings ratio of 49.08, a price-to-earnings-growth ratio of 3.24 and a beta of 1.00. The business has a 50-day simple moving average of $79.15 and a two-hundred day simple moving average of $68.40. Fortinet, Inc. has a fifty-two week low of $49.70 and a fifty-two week high of $97.35.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FTNT. Raymond James raised their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday. Robert W. Baird lifted their price objective on Fortinet from $80.00 to $88.00 and gave the company an “outperform” rating in a research report on Friday. Truist Financial increased their target price on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Barclays lifted their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, JPMorgan Chase & Co. raised their price objective on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $79.52.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 70,538 shares of company stock worth $5,403,559 over the last quarter. Company insiders own 18.00% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.